S&P rates Six Flags CCC

Standard & Poor's said it assigned a CCC corporate credit rating to Six Flags Inc. and Six Flags Theme Parks Inc. on an unsolicited basis.

The outlook is negative.

The agency assigned Six Flags' senior unsecured debt an unsolicited rating of CC with a recovery rating of 6 and an unsolicited rating of C to the company's preferred stock.

S&P also assigned the secured credit facilities of Six Flags Theme Parks an unsolicited rating of CCC+ with a recovery rating of 2 and senior unsecured debt of subsidiary Six Flags Operations Inc. an unsolicited rating of CCC- with a recovery rating of 5.

"The CCC corporate credit rating reflects our concerns that the company could seek a prepackaged or prearranged Chapter 11 reorganization to reduce its high debt leverage and significant maturities over the near term," S&P analyst Andy Liu said in a statement.

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